At May 31, 2019, Timberwolf Transfers reported the following amounts (in millions) in its financial statements: Total Assets Total Liabilities Interest Expense Income Tax Expense. Net Income Req 2A 2019 $ 69,000 44,850 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for Timberwolf's assets? 2-b. In 2019, was Timberwolf more (or less) successful at covering its interest costs, as compared to 2018? 734 155 770 Complete this question by entering your answers in the tabs below. Debt-to-Assets Times Interest Earned Ratio 2019 Req 1 Req 28 Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. (Round your answers to 2 decimal places.) 2018 $ 67,000 40,870 740 260 6,181 2018

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.